F. Final Remarks

SME internationalization is an important topic and a complex research issue. SMEs distinguish themselves from larger firms and exhibit particularities that also influence their internationalization process. Small firms are nimbler, more flexible and can better adapt to changing circumstances than their larger counterparts (Rosenbusch, Brinckmann and Bausch 2011; Li, Qian and Qian 2012). They have different structures, apply different processes and differ with regard to their organizational culture and entrepreneurial orientation. But SMEs also lack knowledge, resources and experience as compared to MNEs (Mudambi and Zahra 2007). When smaller firms consider internationalizing, they face not only the liability of foreignness, but also the liability of smallness (Lu and Beamish 2001).